Medium Term Trend: (Changes to down below 10750)
Surrendered its Gains: Nifty opened strong nearly 100 points+ at 11200 levels but couldn't sustain its gains and gave up all the gains to close flat at 11100 levels.
Since last few days we have been mentioning about the fact that market is in correction mode hence it makes sense to book profits once at these levels. Yesterday evening we had posted on twitter that if we do not see follow up buying and fail to move above 10175-10200 levels then markets can go down again.
Many traders would have gone long today thinking the correction is over and Nifty is all set for new high above 11300 levels. Well markets again went down leaving everyone confused.
As far as our view is concerned, its clear that even though overall trend is up ( as long as 10750 holds), for short term perspective markets are still in correction mode. Going long makes sense only once we get clear sign of this correction ending.Way markets have tumbled from 11200 levels is only lending more credibility to our view.
We need to see a strong move above 11200 levels in next 2 trading sessions followed up with a move above 11370 levels. That will confirm that correction is over and markets are heading towards 11700-800 levels, till that happens, the chances of markets falling again towards 10800 or lower ( if 10750 breaks) remains hence one should continue to remain watchfull.
From trading perspective, long positions are recommneded only above 11200 levels (that too light qty) and on the downside if 11020-30 level breaks then we can fall towards 10900 and retest recent low pretty soon. Keep these levels in mind before Taking any trading call.
Happy Trading!
To Join our Nifty algo buy/sell whatsapp message service during market hours, pls click⤇ Nifty Buy/Sell Algorithm or whatsapp @ 9319321906
To see our recent trading calls for Nifty Algo- Pls click ⤇ Past Trade summary
No comments:
Post a Comment